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economics Answer the following questions: [10 Marks] 1) What is the Principle of Diminishing Marginal Utility. Calculate marginal utility and draw gures of total and

economics

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Answer the following questions: [10 Marks] 1) What is the Principle of Diminishing Marginal Utility. Calculate marginal utility and draw gures of total and marginal utility and explain the figures. ..................... (3) 2) What is Marginal Utility? Why does the Marginal Utility (MU) curve slopes downward? ....... (3] 3) How does a rationale consumer choose his optimal consumption bundle? Graphically showr the Indifference curve and the budget line to explain your argument. ..... (4)

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